Principality BS  

TMA agrees high LTV deals with building society

TMA agrees high LTV deals with building society

TMA Club has launched two 95 per cent loan to value fixed rate mortgages with Principality Building Society.

The products, designed to help first-time buyers get onto the property ladder, are available to directly authorised advisers belonging to the club. 

The deals are also rolled out to TMA members in England after only being previously available to members in Wales.

The rates include a 3.05 per cent fixed until March 31, 2021 and 3.45 per cent fixed until March 31, 2024.

Both deals are for purchases with a maximum loan value of £350,000.

A free valuation applies but the lower rate product has an early repayment charge of 2 per cent until March 2020, going down to 1.5 per cent thereafter, while the higher rate product has an ERC of 5 per cent in the first two years, going down to 3 per cent until March 2023, and 1 per cent thereafter.

Rob McCoy, senior product and business manager at TMA, said: "We look for lenders who take a common-sense approach to lending and Principality does just that, providing a dedicated underwriter for each case who is on hand around the clock.

"First-time buyers are a segment of customers who can really take advantage of the buyers’ market that the property sector is currently experiencing, so providing our brokers with quality products is paramount.

"This latest exclusive deal is just one of many we hope to offer our advisers this year as we continue to be the club of choice for intermediaries, further enhancing our range of lenders, products and propositions."

Emma Graham, key account manager at Principality, added: "We have had overwhelming positive feedback from the club’s advisers in Wales and we are confident we will see similar successes as TMA aids in developing our product range and managing distribution further."

David Hollingworth, associate director of communications at London & Country, said there has been increased competition amongst lenders in the 95 per cent LTV market .

He said: "These deals from Principality certainly put them amongst the more competitive, especially with the no fee and free valuation incentive."